The People Are Revolting

January 13, 2011

The U.S. public overwhelmingly opposes raising the country's debt limit even though failure to do so could hurt America's international standing and push up borrowing costs, according to a Reuters/Ipsos poll released on Wednesday.

Some 71 percent of those surveyed oppose increasing the borrowing authority, the focus of a brewing political battle over federal spending. Only 18 percent support an increase.

Not to come across as a snob, but this is an issue where I really think we're better off listening to people with financial expertise. We could give the public its way, but I don't think the results would go over well.